Sometimes celebrities should just stick to what they know. Opening restaurants or buying a town in the USA isn’t always the best option. As these examples prove, such ventures have ended up costing such well-known names thousands or millions of their hard earned cash. Here’s a few examples of such celebrities who failed at their businesses.
Natalie Portman
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This actress has shot to fame, starring in movies alongside some of the top names in the industry. She has a very successful acting career and she should have left it at that, but instead Natalie collaborated with Te Cesan to make a range of vegan friendly shoes.
Yes that’s right, you didn’t read it wrong, vegan friendly shoes. As you can imagine the shoes, which had a hefty price tag, didn’t sell as well as expected and both Portman and Te Cesan were closed down within a year due to a lack of sales.
Kim Basinger
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One of the household names when it comes to acting, known for her role in ‘ Nine And A Half Weeks’, Basinger made a multi-million dollar mistake when she bought Georgia for $20 million.
Buying a town and then trying to turn it into something it’s not, doesn’t always work out for the investor. Basinger had high hopes for Georgia and wanted to turn it into a major tourism area complete with film festivals, but within two years she was forced to sell it back to the investors for a measly $1 million. That’s a $19 million failure right there.
Hulk Hogan
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The hulk of wrestling, one of the most famous wrestlers this decade decided to open a restaurant. He called the restaurant ‘Pastamania’ and sold a pasta developed by him called “Spaghetti-O”, with a list of fun wrestling phrases to draw the crowds. This didn’t work and the restaurant was closed within a year.
Arnold Schwarzenegger, Demi Moore and Sylvester Stallone
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When you put three of the greatest names in the movie industry together and link them to failure, it’s a hard pill to swallow. But Demi Moore, Arnold Schwarzenegger and Sylvester Stallone all invested into Planet Hollywood. The CEO decided to market the brand with celebrity co-operation, it sounded like a great idea at the time.
By 1999, Planet Hollywood had filed for bankruptcy and had shut down seventy of their branches countrywide, not such a great investment for these movie greats.
Jim McMahon
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Jim McMahon is one of the greatest NFL players of all time until he opened up a restaurant in Chicago. It seems the majority of these celebrities turn to food when they decide to open a new venture and just like all the others this one failed terribly and was shut down only a few years later. The reason behind the restaurant closing is that Jim McMahon didn’t spend enough time at the restaurant, he had people run it for him and therefore it failed, but when you are working on your sporting career you don’t have time to also run a restaurant, do you?
There is a lot of celebrity start up failures, maybe the reason is that all the start-ups were side-line businesses and you can’t really succeed unless you work at it. These celebrities are working long hours on a regular basis and while they may have the best intentions when opening these businesses, they can’t give them the time they need to succeed.
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